This afternoon the Chancellor of the Exchequer set out on behalf of the Government a Financial Statement that ensures we can start to get our economy back on track for all the British people. Set against a backdrop of challenging times, it delivers certainty and lays the foundations for future prosperity based on protecting jobs and creating new jobs.
A central element of the measures unveiled by the Chancellor today is to help the 700,000 young people leaving education this year, offering greater access to careers support, apprenticeships and a new ‘Kick Start Scheme’ to help young people aged 16-24 into 25-hours work per week of paid employment.
The package also includes a jobs retention bonus offering employers a £1,000 bonus for every employee that they are able to successfully return to work following an end to the furlough scheme, giving employers greater certainty and reward for protecting workers’ jobs.
Changes to help stimulate demand in our economy have also been unveiled to help consumers and businesses as we seek to support home owners and our High Streets – from today changes to stamp duty up until the end of March will take nine out of ten people out of stamp duty by raising the threshold to £500,000. A temporary VAT cut to 5% to support our hospitality and tourism sector cutting costs on food, accommodation and attractions and a targeted scheme throughout August (Monday, Tuesday’s and Wednesday’s) ‘Eat out to Help Out’ giving a 50% reduction up to the value of £10 at participating pubs and restaurants for all of us.
As part of the Government’s response to help create new jobs the Chancellor has given a new commitment of £2bn for Green Home Grants to help homeowners with green home improvements such as loft, wall and floor insulation with a government backed grant which will help us to create 140,000 new green jobs.
The Government’s immediate priority is to stabilise our economy as a result of the impact of Covid-19. As a result of the hard work of the British people over the last 10-years the foundations of our economy are strong and whilst there is an impact on our economy the Government stands on the side of families and businesses to continue to support our precious public services, business community and individuals to ensure that we Support, Create and Protect Jobs across our whole country.